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crypto is fake money, and it will never survive government scrutiny. we need our dollars to be made by governments, not basement dwellers.
by tossAfterUsing 7y ago
crypto is fake money, and it will never survive government scrutiny.
we need our dollars to be made by governments, not basement dwellers.
- johnmorrison 7y agoAll money is fake money, the notion of a currency is a value fiction shared among a group of people. Most governments are very young, and do not last very long historically. Central banking is a handful of decades old, cryptocurrency is one decade old. Neither the maximalists nor deniers are right at this point. It remains to be seen when/whether cryptocurrency will replace fiat currency.
- tossAfterUsing 7y agocryptocurrency will never replace gold-backed fiat currency.
- FloresHernandez 7y agoThere is no gold-backed fiat currency.
- Qasaur 7y ago“The growth of the Internet will slow drastically, as the flaw in ‘Metcalfe’s law' becomes apparent: most people have nothing to say to each other! By 2005, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.” - Paul Krugman
- tossAfterUsing 7y agoPaul Krugman - the original stable genius
- omarchowdhury 7y agoPray tell which fiat currency is gold backed.
- tossAfterUsing 7y agous dollars. obivoulsy
- omarchowdhury 7y agoU.S. dollars aren't gold backed.
- johnmorrison 7y agoFiat currency is not backed by gold, in fact, it is not backed by anything. Also, gold is not inherently valuable. It will become a regular common metal once we shift extraction to the asteroid belt. The truth is there really isn't much with "inherent" value out there, with the notable exception of potential energy.
- md8 7y agoIs the Government currency True money?